Nine has cut its profit guidance for the financial year amid the COVID-19 outbreak, which is causing uncertainty across the entire media and advertising sector.
In a statement to the ASX, Nine said the “rapid progression of COVID-19 is beginning to have an impact on Nine’s markets”.
Although the media company said the short-term impact is limited, the “forward ad market is becoming increasingly difficult to reliably predict,” said Nine.
Due to the uncertainty COVID-19 will have in the fourth quarter to the end of June, Nine said it “considers it prudent to withdraw” its 2020 financial year guidance.
Following the announcement on Thursday, stock sunk to a record low of 85c, with Nine shares closing down more than 15 per cent to 87c.
In February this year, Nine forecast a full-year underlying earnings similar to last year’s $423.8m.
The media company, which also has assets across radio and publishing, did not go into the specifics of performance across these arms. It also did not discuss its streaming service, Stan.
Nine isn’t the only media company feeling the heat, with oOh!media also withdrawing its full-year guidance on Monday due to the coronavirus pandemic.
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